tax return question for sole proprietor

[skiskyx]

I’m a sole proprietor (self-employed). I bought a new vehicle last year and sold my old one. The UCC (unused capital cost), which is the left over price from last year’s return, for my old vehicle is greater than the money I received from selling the old vehicle. How do I report this difference, loss of selling the vehicle? Is it right that I put this loss, the business portion, into car expenses?

I guess there is a fair market value for the old vehicle sold. Where do I get this fair market price that is recognized by CRA?

Thank you for the kind help.

 

[TinaZ]

For income tax return, you don't need FMV for the old car.

If the both vehicle under class 10, there is no loss or gain on sale of the old car last year.

If the old car under class 10.1, no gain or loss need to be reported.

If the old car under class 10, and new car under class 10.1, recapture will be reported and 100% taxable.